Definitive Analysis
Definitive Analysis

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DTE Energy Company (DTE)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$55.66 - $93.32$72.19
Multi-Stage$96.42 - $105.65$100.95
Blended Fair Value$86.57
Current Price$141.43
Upside-38.79%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.32%5.14%3.753.633.313.823.673.342.992.862.562.42
YoY Growth--3.19%9.78%-13.40%4.08%9.83%11.61%4.73%11.49%5.99%6.60%
Dividend Yield--2.71%3.28%3.02%2.89%3.24%4.14%2.84%3.22%2.95%3.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)968.01
(-) Cash Dividends Paid (M)844.00
(=) Cash Retained (M)124.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)193.60121.0072.60
Cash Retained (M)124.01124.01124.01
(-) Cash Required (M)-193.60-121.00-72.60
(=) Excess Retained (M)-69.593.0151.41
(/) Shares Outstanding (M)207.04207.04207.04
(=) Excess Retained per Share-0.340.010.25
LTM Dividend per Share4.084.084.08
(+) Excess Retained per Share-0.340.010.25
(=) Adjusted Dividend3.744.094.32
WACC / Discount Rate7.06%7.06%7.06%
Growth Rate0.32%1.32%2.32%
Fair Value$55.66$72.19$93.32
Upside / Downside-60.65%-48.96%-34.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)968.01980.77993.691,006.791,020.051,033.491,064.50
Payout Ratio87.19%87.75%88.31%88.88%89.44%90.00%92.50%
Projected Dividends (M)844.00860.64877.56894.79912.31930.15984.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.06%7.06%7.06%
Growth Rate0.32%1.32%2.32%
Year 1 PV (M)795.95803.89811.82
Year 2 PV (M)750.61765.65780.83
Year 3 PV (M)707.82729.20751.00
Year 4 PV (M)667.44694.45722.28
Year 5 PV (M)629.34661.34694.63
PV of Terminal Value (M)16,411.7817,246.2418,114.30
Equity Value (M)19,962.9420,900.7621,874.87
Shares Outstanding (M)207.04207.04207.04
Fair Value$96.42$100.95$105.65
Upside / Downside-31.83%-28.62%-25.30%

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